Make sure you use a real estate agent with short sale experience
If you are faced with selling your home at a price that is not sufficient to cover your mortgage you will need your lender to approve a payoff that is less than owed. This process is generally referred to as a short sale transaction.
Short sales are becoming common around the country. Real estate agents are able to assist homeowners with a short sale. Make sure you use a real estate agent with short sale experience.
A successful short sale transaction is often the result of the work put in by an experienced, knowledgeable, patient and detailed oriented agent. Before listing your home subject to a short sale, ask the agents how many short sale transactions have they personally been involved with that have closed? Ask the agent what documents and disclosures are required by the lender and have them provide you with copies to review.
Time is of the essence when trying to sell and close a home subject to a short sale. Make sure you list your home with an agent who not only knows what a short sale is but also fully understands the process and has a track record of getting short sales to the closing table.